Is it wise to self-manage a condominium?

[Vasudev Kirs]

I am a newbie and was wondering how wise is it to self-manage a 1-bedroom condo in a decent neighborhood? I looked into PM services, and based on my calculations, 25% of my net cash flow is going towards PM (factoring their initial 75% one-time setup fee and 8% management).

Also, there are no 1-bedroom apartments or condos in the block - only 1+ bedrooms available - not for rent but none present. Is that a good thing or bad thing?

I am having second thoughts on whether condo is a good investment option or not. 

Any thoughts?
 

[Vasudev Kirs]

Quote from @Nathan Gesner:

Quote from @Vasudev Kirs:

If the unit rents for $1,000 / month, your fees would be $750 setup + $80 monthly = $1710. That's about 14% of your annual income, not 25%.

Is it wise to self-manage? Only if you have the skills to do it well. A good property manager can bring you quality renters that pay market rate. They know the law and keep you out of trouble. They protect your property, income, time, and sanity. 

I see a large percentage of landlords try to save money through self-management only to lose significantly more due to the mistakes they make.

 Thank you! The minimum management fee is $200. I own only single condo, 8 percent is moot due to the minimum that they charge.

Thank you for your suggestions.